Common use of Failure of Security Clause in Contracts

Failure of Security. Administrative Agent, for the benefit of itself, and Lenders, does not have or ceases to have a valid and perfected first priority security interest (subject to Permitted Encumbrances) in all of the Collateral or any substantial portion thereof, or any Loan Party denies the validity, perfection or first priority of such security interest or gives notice to such effect; or

Failure of Security. Administrative Agent, for the benefit of itself, Administrative Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest (subject to Permitted Encumbrances) ), in all of the Collateral or any substantial portion thereof, in each case, for any reason other than the failure of Administrative Agent to take any action within its control, and Borrower, its Subsidiaries and Guarantors fail to promptly correct such failure or any Loan Party denies the validity, perfection or first priority of such security interest or gives notice to such effectcessation; or

Failure of Security. Administrative Agent, for the benefit of itself, ------------------- Administrative Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest (subject to Permitted Encumbrances) in all of the Collateral or any substantial portion thereof, or in each case, for any Loan Party denies reason other than the validity, perfection or first priority failure of such security interest or gives notice Administrative Agent to such effecttake any action within its control; or

Failure of Security. Administrative Agent, for the benefit of itself, and Lenders, does not have or ceases to have a valid and perfected first priority security interest (subject to Permitted Encumbrances) in all of the Collateral to the extent required by the Pledge and Security Agreement or by any other Loan Documents or any substantial portion thereof, or any Loan Party denies the validity, perfection or first priority of such security interest or gives notice to such effect; or

Failure of Security. Administrative Agent, for the benefit of itself, and Lenders, does not have or ceases to have a valid and perfected first priority security interest (subject to Permitted Encumbrances) in all of the Collateral or any substantial portion thereof, or any Loan Party denies the validity, perfection or first priority of such security interest or gives notice to such effect; or

Failure of Security. Administrative Agent, for the benefit of itself, and Lenders, does not have or ceases to have a valid and perfected first priority security interest (subject to Permitted Encumbrances) in all of the Collateral or any substantial portion thereof; or Credit Agreement/Atlantic Tele-Network, or any Loan Party denies the validity, perfection or first priority of such security interest or gives notice to such effect; orInc.

Failure of Security. Administrative Agent, for the benefit of itself, and Lenders, does not have or ceases to have a valid and perfected first priority security interest (subject to Permitted Encumbrances) in all of the Collateral or any substantial portion thereof, or any Loan Party denies the validity, perfection or first priority of such security interest or gives notice to such effect; or

Failure of Security. Administrative Agent, for the benefit of itself, and Lenders, does not have or ceases to have a valid and perfected first priority security interest (subject to Permitted Encumbrances) in all of the Collateral to the extent required by the Pledge and Security Agreement or by any other Loan Documents or any substantial portion thereof, and such event continues for a period of 3 Business Days, or any Loan Party or any of its respective Subsidiaries denies in writing the validity, perfection or first priority of such security interest or gives notice to such effectinterest; or